73% of enterprises have launched AI, including generative AI, across marketing with 52% of deployments achieving business value: Infosys CMO Radar

India - English

News provided by

Nov 13, 2024, 05:08 ET

AI-fluent CMOs are becoming a transformative force in business; 62% see their influence growing over broader corporate decisions as their AI implementations look to improve brand experience, as well as efficiency and effectiveness in marketing.

BENGALURU, India, Nov. 13, 2024 /PRNewswire/ -- Infosys Knowledge Institute, a research arm of Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today unveiled a global research report titled CMO Radar 2024. The report reveals that most companies have embedded artificial intelligence (AI) in their marketing functions and highlights how CMO's AI fluency (ability to use AI to solve problems) is driving business value and increasing their influence over corporate decision-making and strategy.

The Infosys CMO Radar 2024 found that while most CMOs are engaging in AI across all their main marketing activities, almost half (48%) of AI deployments struggle to deliver business value. It uses these insights to categorize CMOs as Leaders (13%), Learners (60%) or Laggards (27%) in AI fluency, based on their ability to deliver business value from AI across multiple marketing activities.

The report identifies that AI-fluent CMOs make data-driven decisions using predictive AI to anticipate customer needs, personalize and optimize campaigns, and boost marketing performance. They are also able to better use generative AI to bring together value from data, industry expertise, and creative execution to build stronger capabilities, inside-out, within their teams.

The CMO Radar 2024 survey was conducted by the Infosys Knowledge Institute polling 2,600 marketing leaders across industries from Australia, Germany, the Nordics, UK, and the US. The research explores the adoption of AI across the marketing lifecycle including for activities such as content creation, conversational agents, sales enablement, personalization, campaign management and analytics.

The research reveals:

96% of marketing leaders have deployed AI in at least one marketing activity.
52% of AI marketing deployments generate business value.
30% of marketing leaders have deployed AI in all seven key marketing activities.
62% of CMOs are set to grow their influence over strategic corporate decisions.

The Infosys CMO Radar 2024 found that marketing leaders expect AI to deliver measurable value in the next 18 months, including double-digit percentage point boosts in productivity (15 percentage points), cost savings (13 percentage points), and speed to market (11 percentage points).

The report outlines four tactics that Leaders in AI fluency employ to generate business value from their AI deployments:

Embed AI solutions into business and marketing processes: Leading CMOs ensure their teams can access real-time insights from data and immediately adjust tactics as they roll out their AI implementation plan. They establish systematic governance around KPIs and ensure consistent communication with stakeholders.
Align AI, business, and marketing strategies: Marketers who succeed with AI are more likely to have a responsive AI strategy that aligns with both marketing and overall business goals. These companies prioritize building out AI capabilities across the marketing value chain based on its business value and feasibility.
Factor risk management into AI-powered marketing solutions: 43% of companies still depend on ad hoc methods of risk mitigation when it comes to AI in marketing. Embedding dedicated risk management ensures compliance, builds customer trust, and positions brands as leaders in trustworthy AI adoption.
Ensure the MarTech stack is scalable and optimized for AI use cases: Customer data platforms (CDPs) are essential for maximizing AI's value in marketing. Advanced cloud-native MarTech stacks with real-time CDPs enhance scalability and data integration, delivering personalized experiences. Companies adopting this infrastructure achieve significant competitive advantages, unlocking AI's full potential and leading in innovation and customer engagement.

Satish H C, EVP and Chief Delivery Officer, Infosys, said, "Very early on, at Infosys, we saw how AI promises to disrupt the way B2B and B2C players think about customer experience, marketing productivity, and growth. The findings of the Infosys CMO Radar 2024 report point to how forward-thinking marketing leaders are adjusting to this new landscape. Central to this transformation is the reimagining of marketing end to end, embracing a holistic approach to innovation. By focusing on disintermediation for agility, businesses can swiftly adapt to changes and enhance their competitive edge. The report underscores the vital role of leadership in harnessing AI capabilities to drive marketing innovation and customer engagement. With Infosys Aster, we are already bringing the digital capabilities for marketing leaders to maximize operations, while taking advantage of advances in marketing effectiveness and personalization in an AI-first future."

Sumit Virmani, EVP and Global Chief Marketing Officer, Infosys, said: "CMOs face the dual challenge of fueling growth in the short-term while articulating the value of their brand investments in the medium term. They recognize AI's, especially generative AI's, potential to help them rewire marketing for greater effectiveness. They know it can also be a key amplifier of marketing impact to the business and its influence within the C-Suite. The Infosys CMO Radar 2024 unpacks the tactics that CMOs can embrace to get and stay ahead in these times of AI-powered transformation."

To read the full report with detailed insights, please visit here.

Methodology

Infosys used an anonymous format to conduct an online survey of 2,600 marketing executives in automotive; CPG; energy, mining, and utilities; financial services; healthcare; high tech; insurance; life sciences; logistics; manufacturing; professional services; retail; travel and hospitality; and telecom in Australia, Germany, the Nordics, UK, and the US, as well as conducting qualitative interviews with global CMOs.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Logo: https://mma.prnewswire.com/media/633365/4364085/Infosys_Logo.jpg

SOURCE Infosys